A Leaner, Greener You

See how simple changes in your spending and savings habits can help build monetary muscle. Read more...▼

Are you financially fit or fiscally flabby? As basic household
expenditures such as housing, food and healthcare continue to rise, it’s
more important than ever to keep your budget in shape. Here are seven
steps to help you spend smarter and save more.

1. Pay Bills on Time, Every Time.
With fees as high as $38 plus interest, late charges on mortgages,
car loans and credit cards add up! Plus, late payments create a longterm
ding on your credit rating, which can cost you in higher interest
rates down the road. When possible, set up automatic payments or
withdrawals to stay on track.

2. Once You Pay It Off, Save It.
When you get that loan paid, funnel the money into a savings or
investment account. Since the amount was already in your budget, you
won’t miss the extra cash. Over time, you’ll be surprised how much you
have saved.
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4. Work Out & Save.
People who exercise regularly saved an average of $2,500 year on
healthcare costs compared to those who did not follow a fitness routine,
according to a 2016 study by the American Heart Association.

Did You Know?

Thanks to the magic of compound interest, an investor starting with $5000 and
contributing just $100/month could grow
her portfolio to $229,907 after 30 years,
according to Investopedia.

5. Rx Comparison Shop.
When getting a new
prescription, always ask
your doctor or pharmacist
if there’s a generic option.
Generic drugs can cost a
fraction of the price than their name-brand equivalents. Likewise, drugs
can cost as much as 10 times more from one retail pharmacy to the
next. Shop around and check mail-order pharmacy options. With some
retailers, buying in bulk—like purchasing a 90-day supply—can yield
additional savings.

6. Strategically Plan Your Grocery List.
Take time to plan meals for the week (or at least a few days) and buy
only the ingredients you need to prepare them. Make a grocery budget
and a list and stick to it. Many grocery stores have apps that allow you
to make lists and download coupons.

7. Love Your Leftovers.
Americans throw away $640 of food every year. When you plan meals
consider how you can “recycle” ingredients from one day to the next. Or
simply freeze leftovers for future use.

8. Invest the Difference.
With all these savings, you may find you have extra cash to invest. But
where? Start with tax-advantaged accounts: IRAs, 401ks, then HSAs. If
you max those out and don’t have an idea where to invest next, start a
taxable account and buy some low-cost index funds.